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Roles and Functions of each Participant
When creating a global program, it is in general necessary to select a central insurance company, agency, or broker from the perspective of centralized management of risks. One condition is that the selected insurance company, agency, or broker has worldwide operations and conduct business globally, but in the case of the insurance company, even if the company has not acquired business licenses in certain countries, if it has partner insurance companies in those countries, it may be able to issue insurance policies with the partner company acting as its agent.
The operation that exercises central control over the program is referred to as the control office (usually the group parent company) and performs the roles of determining the group risk management policies, central purchase of global insurance, notifying individual group companies of its decisions, and performing centralized risk management. Whether the control office can adequately take the lead concerning these roles and functions for the program as a whole and act as a unifying force is the key to successful introduction and operation of the program. Agencies and brokers provide practical support, while the insurance company underwrites insurance in each region based on the determined content, issue certificates, and performs claim handling.
Global Insurance Programs
Background to Development
Structures and Functions
Roles and Functions of each Participant
Effects of Introduction
Frequently Asked Questions